April 19, 2024
OpenAI Introduces the Second Iteration of its AI Startup Fund

OpenAI Introduces the Second Iteration of its AI Startup Fund

OpenAI has commenced applications for the second edition of Converge, a six-week program for AI startups. The organization plans to invest $1 million in each of the 15 selected participants, targeting engineers, designers, researchers, and product builders worldwide.

OpenAI aims to support groundbreaking startups that utilize robust AI systems to push boundaries in essential domains. In 2022, the startup fund’s first phase granted $1 million to each of the 12 selected startups, emphasizing the initiative’s role in advancing applied AI.

OpenAI, responsible for ChatGPT, underlines the global accessibility of the program and covers travel expenses for participants during the initial and final weeks in San Francisco. The organization encourages diverse founders, irrespective of location or experience, to apply. The application period spans from December 13, 2023, to January 26, 2024. OpenAI emphasizes the absence of a prerequisite for prior AI system experience.

In a similar vein, Kasikornbank in Thailand introduced a $100 million fund, KXVC, focusing on AI, Web3, and deep tech startups, particularly in the Asia-Pacific region. French AI startup Mistral AI secured $415 million in a recent funding round led by Andreessen Horowitz, supported by Lightspeed Ventures. OpenAI’s startup fund initiative aligns with its commitment to advancing applied AI in crucial domains, contributing to the dynamic landscape of AI startups.

Image by Freepik

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